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Stock Offerings: Southwest Bancorp

NEW YORK (
TheStreet) --
Southwest Bancorp(OKSB - Get Report) shares sank Monday after the company announced a $40 million public offering of common stock.

Southwest Bancorp shares have more than doubled in 2010, although the stock took a 6.6% hit after the company said it will hold a public offering of common stock for gross proceeds of approximately $40 million. Currently, there are 14.78 million shares outstanding

Proceeds from the offering will be used to increase Southwest Bancorp's capital for regulatory purposes and for general corporate purposes, including investment in its banking subsidiaries, the company said.

Lately, Southwest Bancorp shares were down $1.01 to $14.36.

Elsewhere,
The PMI Group(PMI) said on Sunday it will offer $400 million in common stock and $200 million in convertible senior notes. Some of the net proceeds will be used to pay down a credit facility and for working capital and general corporate purposes. In addition, some of the net proceeds will be contributed to the PMI Mortgage Insurance subsidiary.

The PMI Group's offering announcement came as the mortgage insurer said its first-quarter loss ballooned to $1.94 a share from $1.41 a share in the year-ago quarter. Analysts had been looking for a smaller quarterly loss of 94 cents a share, according to Thomson Reuters. Revenue was down 36% from a year ago to $156.6 million, below the $172 million consensus.

In other offering news,
Patriot Coal(PCX) said it will offer $250 million in senior notes due 2018, with net proceeds from the offering to be used for working capital and general corporate purposes.

Separately,
Patriot Coal said it has received commitments of at least $350 million to amend and restate its revolving credit facility with an extended maturity of about two years. Patriot said the restatement is conditioned upon the closing of the $250 million note offering.

Patriot Coal shares were tacking on 0.3% to $23.88.

Terremark Worldwide(TMRK) was also out with a note offering. The information technology services provider priced a $50 million offering of 12% senior secured notes due 2017, with net proceeds to be used for working capital and other purposes, including supporting the growth of its business. Terremark shares rose 3.5% to $7.50 in early trading.

In related news,
Hyperdynamics(HDY) said it will use a majority of the proceeds from its $10.6 million registered direct offering to fund a 3D seismic survey, which the company increased in size to 3,500 square kilometers from 2,000 square kilometers.

Hyperdynamics said the increased survey will help the chances of success in the drilling phase next year. Shares were lately down 1.6% to $1.21.

-- Written by Robert Holmes in Boston.

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